Any Rookies need some help

Hello,

I saw you post and I'm looking for some help. Hopefully you can point me in the right direction. I'm a Canadian living in Taiwan. My wife and I want to learn how to be Forex traders.

Living here in Taiwan, Forex info is nonexistent in English. There isn't anyone who can instruct me. Can you recommend me where to start learning Forex?

I have also come across things like Trade Miner. When I start trading, will I need a broker? What tools should I be using?

Hope to hear from you. Thank you kindly.

Harold

By far the best thing you can do is open a demo account with any respectable broker. This will give you an idea of how the market moves and how leverage works. Then I would go to Babypips.com and look at the on line education. Use the internet to further your trading education. Concentrate on emulating the great traders. The Forex Factory forums are not a good learning resource, in my opinion, unless you know what you are looking for. Don't part with any money until you have exhausted all these avenues and you are sure you know what you are doing.

Thank you so much. Have a great day.

Hey bro could you take a look at my stats and give me some feedback? I'm 30 days into trading FX on a demo acct. after some basic training earlier this year. Would really appreciate it. (If you click on my username my stats are all visible).

this has been working for me, to any other new comers out there : K.I.S.S!! and no im not trying too!! haha it actually stands for...wait for it....Keep It Simple....wait...wait....STUPID....so learn all you can, then keep it simple!!!

Namaste, good luck, Ciao!

Oh and thanks IRISH

Hi, I'm a new fx trader and I have a question regarding huge gaps up or down like 50-100 pip in the middle of the trading day. What causes those?

Today it triggered my TP and I was happy about that but also worried that any minute a trade could gap the opposite direction and hit my huge SL (I set it a bit wide like 80-100 pips and I move my SL when I see fit because I'm watching my open trades). Does these gaps happen often? I noticed them yesterday and today so that's two days in a row already and they're on several currency pairs.

Hey thanks for putting up this thread, am new to FX and I've been running a demo acct for a couple of weeks now. The thing is my balance and equity on MT4 is showing $987.55 but my profit/loss is showing a positive $195.35. I'd like you to help me understand how i made a $195.35 profit when my deposit/ capital was $1000.00
Thanks

You need to talk to your broker.

Your question is to do with arithmetic. Open your terminal, go on account history tab and right click. Study your account history.

Sure. I am new to forex trading, and am just curious as to what is recommended platform for starting out? Thanks

Hello. Recently (two weeks ago) by accident i found about FX i mean i knew about it before but not in such detail as i do know (even tho for two weeks i cant say i know much" anyway i did deep research ive downloaded tons of literature i read alot and still reading with increasing interest , the problem ive skipped alot of basic parts duo to lack of time and rapidly increasing curiosity to get deeper and deeper soon as possible..I have so many questions and for some im sure i cant get an answer...but lets start with the prestory: I did create demo account in one platform and started with small ammount trades limited to 200 eur (cuz if i decide to start real that will probably be the ammount i can sacriface in case things goes wrong ,you know) in few hours i did around 30eur (hell of a many deals with really small profit each) and then the trend line change her mind and i got stuck in long in time position with money locked in it(sorry for my bad english or wrong way to express myself) so i decide to use a bit more money= marjin 10000eur.... (its a demo tho who cares if i lose) to get myself out of this (without closing losing position) btw have to change that mindset "))i was sure this was winning position but not this particular day" i didnt want to wait so i back up this position (no hedging) with more money and little by little ive won 1500eur. Cool i got exited i did open two more demo accounts on other platforms on second i tried again to be dicipline and traded with money around 500eur atm this account is +160eur and on the third account i did use the whole marjin of 15000lev-a {7,669.29 eur} (im bulgarian) and for just one hour on same currency pairs i trade on the others platforms and i made 700 eur overall i havent lose a single deal excluding some really small at beggining (due to SL) . Everything sounds to good to be true and thats what truly bothers me i mean i dont know is that just pure newbie luck (well for sure is exactly that)or what , cannot be that easy and of top of that ive noticed so many opportunities i missed from closing position too early (but this is something you can live with it) the bad part is when at some points of the time ammounts of money i was losing in open position were so huge that my heart was about to jump out and start screaming histericly "This is madness" What im trying to say based on luck or whatever i can get every trade so far to positive outcome but just because these money aint real ..and i put no emotions in trades . This will change for sure when i/if open real account, Right?How do a person control his paranoia??! Also about the stoplimits everywhere i read this is most important thing and etc blah blah but from my short newbie experience i can say that half of my trades would have been loosing if i follow strict instruction how to minimilize loses. I dont even know how most indicators even work helping you taking trading descisions or when is optimal moment for opening position thats why i do trade based only on my only precognition (something like rsi and sma measured by eye in this case two eyes; left and right +lots of time spend on pc (i do make shiping labels in autopart warehouse for 11 eur per day haha.ha ..... but enough deppresing facts currently i do study Ichimoku Kinko Hyo cuz is how to say is more visible and what i read is that with Ichimoku you dont need any other indicators to help you , is that true? And why the hell Westerns did start using this charting system so late if it is as perfect as mr Hosoda trying to convince me? Its getting late and i feel sleepy my brain is in pain and i predict there is high chance to change trendline in bearish (sleeping condition)any time soon till alarm wake it up and make me bullish once again. Good night ...or morning.

Recovery from loss of nearly half of account balance, is it possible?

Of course it is. As long as you have you have enough margin to trade at 1 - 2% risk. However, I would not trade until I found out what went wrong. 50% draw down is pretty serious. Consider trading on demo or even stop trading until you have cracked the problem.

There isn't really a recommended platform. I have used several and now there are mobile trading platforms which are very good. Just make sure you get familiar with it before trading so you don't make blunders.

So you feel bullish in the mornings? That's a good sign. Humour apart, you found out the worst thing that can happen to a rookie trader - you were lucky. Trading can play havoc with your emotions and self esteem. Everybody knows that it is possible to win a lot of money at a casino and it can be exciting. As traders we do not have that mind set. We are not gamblers.

Preservation of capital is the priority. We should set our maximum draw down per trade to 1 - 2 %. I know it's difficult to close a losing trade, especially if we are sure it will come good - and it did come good the last 10 times we waited for it to come good. It's especially frustrating if we close a losing trade and then see it come good.

So if you want to risk the whole account on one or two trade that's up to you, but not what a trader does. Because we want to be here tomorrow. Consider the following scenario: A trader with $1,000 capital who risks 2% per trade has 5 losing trades. Roughly 10% down... The sixth trade has to make up the $97before the account is even back where he started. And if he risks 2% of his $900 then it is a smaller trade. See what I mean? Be careful with multiple trades too. Short Gbp/Usd and short Eur/Usd doubles your exposure to Usd moves. Suddenly you are doubling your risk.

You asked how to control paranoia? I think the above will help a little. Also, avoid drugs and alcohol, government departments, criminals, computers, fast women and slow horses.

Boring? OK. Be a gambler. But make sure you have a good alternative career. Or find out if you are cut out to be a trader with a few thousand small trades. That would be a good sample. Believe me, if you are any good you will make a fortune. If you enjoy the work then work hard.

Ichimoku Kinko Hyu is a great trading method. Like any other it is well worth studying so that you learn when to trust the signal. Especially for the daily chart on Yen pairs (why?). If you use this method combined with an understanding of simple support and resistance and some knowledge of fundamentals you will make money.

Thanks smikester. Another question for you. What currency pair should I trade, and what is your thought process behind that?

Hi and thanx for the reply. About being lucky i can figure that myself and thats what truly bothers me. I do not want to rush things and throw myself unprepared for what comes after , blinded by lucky winning streak. I am poor , really poor but even if i start and lose some money to be specific around 200-300 euro (my salary is 280eur-please do not laugh... ) i wont regret loosing these money , i will regret leaving forex behind-missing opportunity to slightly change my life that is on a long downtrend for past few years. Yes i do joke alot but in fact im quite serious person its just that my humor aint easy for majority to understand , my english doesnt help either to clear the misunderstandings. I am not a gambling person. The reason i got into forex is cuz i dont think its purely based on luck , there are so many factors that affect the market for one person to follow and all these factors create a gap that must be filled with something-here comes the luckBecoming the wolf of wallstreet aint my aim nor anything similar i just want to know can i make a living with forex or at least increase abit my monthly income along with my salary) I have no friends interested in forex not to mention that most of them have no idea w.t.h. is that , I do learn by myself but knowledge is nothing without experience or so called the wisdom of the elders. Even that ive done many deals and they came succesful im sure ive done many mistakes while doing them , some cleary noticeble (note taken on them ) and mistakes that have gone deep under my radar of understanding and only experienced ppl can show me. I need help... thats why i joined this forum and if you people are willing to help ill be grateful. I ll repeat once again that atm i am complete noob when comes to trading there are barely passed two weeks since i start . I do read alot but sometimes i skip fundamental basics and jump into higher up literature that explain me how to fly when i havent learn how to crawl yet with other words. I asked you guys about SL and why is so important .if curious why did I...stay tuned. I trade only few currency pairs the ones that i did check beforehand or these that i have some "imaginary" idea how the trend change and in what range (day , few days , months) For example friday eur/usd were trading for almost whole day around 1.2340-1.2380 measured by eye in few days long noticeble downtrend (must take note that did reach prices of 1.25 just before this particular downtrend and at some point BANG! prices dropped to 1.2300 in blink of an eye-litteraly. After sec of consideration i decided to go long with hope that prices will meet some support that wont let them get any lower and ill get a good (demo) money bonus for no time but surprisingly (or not-a newbie cant say) prices did hit rock bottom for last few months or more. If i have set SL on this position you know what would have happened...but i didnt and loses on the position became huge-demo account who cares what im trying to say right or not i was sure prices will go up anytime soon so i just let it be .The outcome :i won a lot , here must mention another mistake i did- closing position too soon , happy that i got back what i was about to lose with good bonus even tho it was obvious the uptrend will keep going. Was that a bad entry point , why was that a bad entry and what did i missed where did I get fooled , what should have helped me if i did took in mind at that time (indication etc.), there are so many questions.. the only thing that i know for sure is that if i waited a minute or more i would have open short position i would have won from the continious downtrend and perhaps at 1.2260 i would have open long and win again ("what if?" equilibrium haha. Its getting late so ill try to be short from now on ;about what you said using multiply trades

hum.. im planning to read about cross currency triangulation etc soon , hedjing as well...atm this is dark India for me.Good thing is i do not get my brain overloaded with more than 2-3 open positions at time. Here comes another question that bothers me for quite sometime -about types of traders and do i have wrong approach ...nah this is long topic i prefer not to start right now... Good night and you know am open for advices of any kind
PS: Btw today my winning streak continues,-that face cuz of rookies worst case scenario you mentioned , smikester.

Trade a pair which has good liquidity. i.e. one of the majors. Good liquidity means less whipsaws, or smoother trends. It depends on your style of trading to some extent but be aware of behaviour at different times of day. For example, Eur/Usd trades very well during the London session, as do most of the Gbp pairs. It's worth studying this time factor. If you are trading off daily charts then it is less important. Spread is a factor, too, again, less important if you trade off the daily chart. I tend to trade several pairs because I'm addicted and if one pair is ranging, I can look at another.

"If you want to stop the bleeding then only trade in the direction of the day". This well known phrase refers to the day open - for London it is midnight London time. For New York it is midnight New York time.

Your English is fine. I only speak English. I can make myself understood in German and French but Germans tend to laugh and start speaking in English and the French look a little worried as though I am commiting a serious crime.

I would say as little as possible about forex to your friends or relatives. At best they will be bored, at worst they will think you are a gambler.

It sounds as though you have the ability and interest but I promise you it will be a long, slow road with low capital. You will need to study a lot and play with the market. Don't try to guess where the daily reversal of trend will be, it will kill you. Rather, concentrate on jumping onto that train at the stations (pull backs). Then you have a chance to hold onto a winning trade. Trade in the direction of the daily Kijun sen, 20ma or what have you. Define the trend and get on it. If it is difficult to define, there isn't one. A child can do it better than a grown up.

Hi,

I wish to wish renko charts on my mt4 platform.
I tried to google and follow the instructions by copy the link into the metatrader directory.
But in the metatrader directory, there isn't any folder with the experts/indicators folders.
Anyone can help me out?

thanks